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Mortgage Approval With One Year Employment History
My husband and I are looking to buy a house. however he only has 1 year of employment whereas I have over two years of employment. My husband only has one year of employment because he was living abroad. While living abroad he had no work history. Would we still qualify for a mortgage?
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1 Reply
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Here is how gaps in employment and qualfying and getting approved for a mortgage works for pretty much all mortgage loan programs. If you have been unemployed for six or more months and get a new job, they you need to be on your new full-time job for at least six months before you are eligible to use your full-time income on your new job. If you have been unemployed for six months or less, you can qualify for a mortgage with the income of your new job as long as you can provide the offer employment letter and two paycheck stubs. If your husband has an overall two year employment history which I am assuming he has in the United States, your husband is eligible for a mortgage with a one year employment history on his new job even though he has been overseas before that. Let me go over employment history. Say your husband got a full time job after college when he was 21 years old as a postal work for 24 months. Then he went to Brittain when he was 24 years old and got a job in Brittain and worked in Brittain for 20 years. Your husband did not return to the United States until 12 months ago where he got a full time job as a book keeper for an accounting firm. Your husband has a two year employment history because is currently working a full time job for one year and before he left for Brittain, you husband had a 2 year employment history. Therefore, your husband qualifies for a mortgage and of course, so do you.